Product Flashcards
product
a good, service or idea offered to the market for exchange
goods
physical, tangible offerings that are capable of being delivered to a customer
services
intangible offerings to the market that cannot be touched and do not involve ownership
What are the 4 levels of product
- core product
- expected product
- augmented product
- potential product
core product
comprises of the fundamental benefit that responds to the cusomers problem of an unsatisfied need/want
unexpected product
describes those attributes that actually deliver the benefit that forms the core product
augmented product
delivers a bunch of benefits that the buyer may not require as a part of the basic fulfillment of their needs
what does augmented products do
allows marketers to simnifically differentiate their offerings from their competition
potential product
comprises of all possibilities that could become part of the expected or augmented product
what are the 3 relationships between an organisations product
- product item
- product line
- product mix
product item
a particular version of a product that can be differentiated from the organisations other product items by characteristics such as brand, ingredients, style or price
product line
a sett of closely related product items
what is the relationship in product line
- end use
- target market
- technology
- r aw materials
product mix
the set of all products that an organisation makes available to consumers
product width
the number of different product lines offered by a companyh
product depth
the number of different product available in each purchase line
consumer products
products purchased by households and individuals for their own private consumption
business to business products
products purchased by individuals and organisations for use in the production of other goods or for use in their daily business operations
sub-classification of consumer products
- shopping products
- convenience products
- specialty products
- unsought products
shopping products
irregularly purchased items that involve moderate to high engagement with the decision making process
shopping products features
- expected to last a long time
- purchased relatively infrequently
- stocked by a small number of retail outlets
- sell in low volumes
- has reasonably large profit margins
convenience product
inexpensive, frequently purchased customer products that are brought with little engagement in the decision making process
convenience product subcatagoories
- staple products
- impulse products
- emergency products
staple products
products that are bought and used by consumers regularly
